adb-psod-presentation-jmcti-2019.pdf

Overview of ADB’s Private Sector
Operations
Michael Barrow
Director General
Private Sector Operations Department
Asian Development Bank
Tokyo, 7 October 2019

Table of Contents
7 October 2019 2
I. Introduction to ADB
II. Why We Work with the Private Sector
III. ADB’s Private Sector Operations
IV. Japanese Partnerships in Nonsovereign Transactions
V. PSOD Programs
VI. Mobilization of Third-Party Funds
VII. Appendix: 2018 and YTD 2019 Case Studies

Multilateral bank with regional footprint across Asia and the Pacific
Asian Development Bank (ADB)
Tbilisi
Georgia
Baku
Azerbaijan
Yerevan
Armenia
Astana
Kazakhstan
Ashgabat
Turkmenistan
Almaty
Kazakhstan
Bishkek
Krygyz
Tashkent
Uzbekistan
Dushanbe
Tajikistan
Kabul
Afghanistan
Islamabad
Pakistan
New Delhi
India
Kathmandu
Nepal
Colombo
Sr iLanka
Dhaka
Bangladesh
Ulaanbaatar
Mongolia
Beijing
China
Manila
Philippines
Hanoi
Vietnam
Yangon
Bangkok
Thailand
Vientiane
Lao People’s
Democratic Republic
Phnom Penh
Cambodia
Jakarta
Indonesia Dili
Timor Leste
Port Moresby
Papua New Guinea
1966
Year of establishment
AAA
S&P/FitchRatings
3,000+
Employees globally
33
Field offices
ADBHQ
ADB Field Offices
ADB/ PSOD Field Offices
Non-regional offices
NARO: Washington, DC, USA
ERO: Frankfurt, Germany
PLCO: Sydney, Australia
Tokyo
Japan
Nay Pyi Taw
Myanmar
Suva
Fiji island
Bhutan
Brunei
Hong Kong
Malaysia
Singapore
Taiwan
Korea
68 members; 49 in the region
40 borrowing members
7 October 2019 4

7 Operational Priorities based on a prosperous, inclusive, resilient &
sustainable Asia and the Pacific
ADB’s Strategy 2030
Addressing remaining poverty and reducing inequalities
Accelerating progress in gender equality
Tackling climate change, building climate and disaster
resilience, and enhancing environmental sustainability
Making cities more livable
Promoting rural development and food security
Strengthening governance and institutional capacity
Fostering regional cooperation and integration
5
7 October 2019

ADB’s Partnership with Japan
7 October 2019 6
• Japan is a founding member of ADB
➢ Overall capital subscription: $23.04 billion
➢ Paid-in capital subscription: $1.15 billion
➢ Total shareholding: 15.571%
• Since 1966, Japan has contributed and committed $14.83
billion to Special Funds:
• Companies and consultants from Japan have been awarded $4.11
billion in procurement contracts on ADB-financed projects
ADF (committed) $12.89 billion
ADBI (incl. committed funds) $272.36 million
TASF (committed) $692.02 million
JSF (committed) $973.77 million
RCIF (committed) $3.63 million

7 October 2019 7
• Cofinancing commitments with Japan
from 1 January 2014 to 31 December
2018:
• In addition, Japan has contributed to the
following:
Japan Fund for Poverty Reduction $814.09 million
Asian Clean Energy Fund $55.7 million
Investment Climate Facilitation Fund $31.5 million
Japan Fund for the Joint Crediting Mechanism $61.97 million
Leading Asia’s Private Infrastructure Fund $762.13 million
Afghanistan Infrastructure Trust Fund $127.5 million
Cooperation Fund for Regional Trade and Financial
Security Initiative
$1 million
Asia Pacific Project Preparation Facility $40 million
High Level Technology Fund $39.4 million
Domestic Resource Mobilization Trust Fund $3.9 million
Clean Technology Fund $1 billion
Multi-Donor Trust Funds
Single-Donor Trust Funds

7 October 2019 8
Examples of nonsovereign collaboration with Japanese partners in the infrastructure and
finance sectors include:

ADO 2019 Update
7 October 2019 9
• Developing Asia GDP to slow from 5.9% in
2018 to 5.4% in 2019 and 5.5% in 2020
➢ Gloomier prospects for international
trade and evidence of slowing growth
in advanced economies, PRC, India and
larger economies in East and Southeast
Asia
➢ Downside risks include further
escalation in US-PRC trade conflict and
growing public and private debt in
developing Asia
• Inflation across developing Asia to increase
slightly from 2.4% in 2018 to 2.7% in 2019
and 2020
➢ Pressure building on higher food prices,
particularly in PRC

Why We Work with the
Private Sector

• To achieve the Sustainable Development Goals (SDGs) by 2030, the participation of
the private sector will be crucial - in mobilizing resources, creating jobs, and
supporting growth in the region
• The private sector is the source of 90% of all jobs in developing countries and helps
drive innovation
• Needs will only increase and gaps remain significant across infrastructure, trade and
financing across Asia
• G7/G20 and almost all other development finance institutions (DFI) are increasing
their emphasis on private sector participation and financing
Why the Private Sector is Important
7 October 2019 11

How ADB Can Assist the Private Sector
ADB can play a key role in helping to:
• Improve the business environment
• Increase the number of bankable projects
• Create markets
• Crowd-in private financing
ADB can multiply the development impact of our interventions by leveraging our:
• Relationships with governments and private sector clients
• Financial intermediaries for greater reach and diversification
• Knowledge products and advice on business incubation and PPPs
• Financial capacity to mobilize even greater amounts
7 October 2019 12

Why Private Sector Clients Work with DFIs
• Percent of clients rating
DFI performance above
average or high versus
commercial banks
• Clients work with ADB and
other DFIs to benefit from
both financial and non-
financial forms of
additionality that they are
unable to obtain
elsewhere
7 October 2019 13

Interview at the 52nd ADB Annual Meeting (Video)
7 October 2019 14

ADB’s Private Sector
Operations

Private Sector Operations Department (PSOD)
• Broadly, ADB has two “financing” departments – Public and Private sector
• PSOD is responsible for all Private sector (or Nonsovereign) financing and
investments - structuring and funding investments across the capital structure in
privately held and state-sponsored companies across a wide range of industry
sectors throughout developing Asia
• Emphasis is on commercially viable transactions that generate financial returns while
also delivering on ADB's organization-wide mission to promote environmentally
sustainable and inclusive economic growth
• A key objective for PSOD is the mobilization of official and commercial cofinancing
through trust funds under ADB administration, B Loans, credit enhancement
products, and risk transfers
7 October 2019 16

Management Team
Diwakar Gupta
Vice President
Michael Barrow
Director General
Christopher Thieme
Deputy Director General
Funds, Asset
Management and
Special Initiatives
Trade and Supply
Chain Finance
Portfolio
Management
Guarantees,
Syndications and
Risk Transfers
Safeguards,
Integrity &
Development
Effectiveness
Risk Analytics
ADB Singapore
Office
Equity
Investments
Infrastructure
Central, West and
South Asia
Agribusiness
Infrastructure
East and
Southeast Asia
and Pacific
Business
Development
Financial
Institutions
Social Sectors
Shantanu Chakraborty
Director
Jackie Surtani
Director
Christine Engstrom
Director
Janette Hall
Director
Craig Roberts
Officer-in-Charge
Mark Kunzer
Director
Vacant
Regional Director
Martin Lemoine
Head
Sherwin Pu
Head
Aniruddha Patil
Head
Steven Beck
Advisor
Bart Raemaekers
Advisor
Timo Teinila
Advisor
Vacant
Head
Craig Roberts
Senior Advisor
7 October 2019 17

Linkage to ADB’s Strategy 2030
Growth priorities for private sector operations
Infrastructure
Financial Institutions and
Private Equity Funds
Agribusiness
Social Sectors
Climate Change
Inclusive Business and Gender
Corporate Governance and
Integrity
Loans
Equity Investments
Mobilization and
Credit Enhancement
Local Currencies
Short-term Financing
Business Development
Sectors Instruments
New priorities
7 October 2019 18

Modalities
Debt
Equity
Donor
Funding
Technical
Assistance
Instrument Typical Size Typical terms
• 7 years (corporate) to 15+ years (project)
• LIBOR / ADB cost of fund in local currency +
credit spread
• Secured or unsecured
When is it relevant?
• Established company with large balance sheet, strong
cash flow
• Possibility to mobilize co-financing under B Loan or risk
participation
• 25% ownership maximum
• Board seat
• Minority protection rights
• Put on the parent company
• Growing company in a pre-IPO or pre-trade sale
situation
• Long-term loan at concessional interest
rates to be “blended” with ADB financing
• First-loss cover
• Whenever donor funds managed by ADB are available
• Applicable for climate mitigation and adaptation
projects or low-income countries
• For project preparation TA, reimbursable at
closing
• For capacity development TA, non-
reimbursable grant
• For projects in need of additional, concessional
financial assistance
$20M - $500M
$2M - $100M
$5M - $10M
$0.5M - $1M
Guarantees
$20M - $500M
• Partial credit guarantees (PCG): market-
based, fees based off lenders’ margin
• Partial risk guarantees (PRG): market-based,
fees based off reinsurance market
• Where other lenders are more efficient than ADB in
mobilizing local currency, or reaching target
customers (PCG)
• In frontier markets (PRG)
7 October 2019 19

Focus Areas
• Significantly expand PSO by: broadening sectors, geography, and products, and
engaging in new initiatives to maximize development impact on a portfolio basis
• Decentralize operations to be closer to clients
• Mobilize far greater amounts of official and commercial co-financing via new
products and structures
• Build markets through local currency offerings, equity investments, and innovative
structured products
• Drive innovation and deliver high-level technology solutions
• Enable project incubation and development
• Seamless One ADB approach
• Continuous process reforms
• Structured approach to screen and measure development effectiveness
7 October 2019 20

One ADB Approach
Regional Department Private Sector
Operations
Department
Nonsovereign
- Loan guarantee not
required
- Corporate/project debt
- Equity investment
- Guarantee products
- Syndication
- Technical Assistance
- Capacity Building
- Sector/Policy Reform
PPP
Project
Delivered
Sovereign
- MOF guaranteed
senior/subordinated
debt and/or equity
injection at project or
implementation agency
level
Office of Public-Private Partnership
Transaction Advisory Services
Technical Assistance through AP3F
Source: ADB
Aligning our product offering to client needs
7 October 2019 21

Eligible Transactions
Located in ADB’s developing member
countries
ADB’s target sectors (infrastructure, financial
sector, agribusiness, etc.) and themes
(climate change, inclusive business, etc.)
Developmentally and commercially sound,
with a clear business plan
Financing not directly guaranteed by the
government
Clear financing or other need (safeguards
support, risk coverage, etc.) from ADB
Willing to employ professional advisors (legal,
technical, environment and social, etc.)
For equity investments, a board seat for ADB
and clear exit strategy
High
demonstrational
value and
replicability
Highest
integrity
and ethical
standards
Innovative
(new technologies
or ways of doing
business)
Crowding in
commercial
financing
ADB Additionalities
Financial, including (i) various products from debt to equity,
credit enhancement and risk mitigation; (ii) local currencies;
and (iii) longer tenors and patient investor
Non-financial, including (i) stamp of approval; (ii) country risk
mitigation, neutral broker role with governments; (iii)
safeguards and corporate governance expertise; and (iv)
extensive knowledge of markets, sectors, and clients
7 October 2019 22

Approval Process
Standard
Deals
FAST
Deals*
• Review of business plan
and financials
• Internal peer review
• Concept Review
Committee review
• Technical, commercial,
legal and safeguards
due diligence
• Finalize term sheet
• Formal risk rating
• Disclose safeguards
documents
• Investment Committee
review
• President’s review
• 21-day circulation to the
Board for review
• Board’s approval
• Proposals less than $100
million without major
exceptions to ADB policies,
potential for significant
safeguards issues, novel
financing arrangements,
significant financial
assistance relative to the
size of the DMC
• Deemed approval at the
expiry of the circulation
period in the absence of a
request for discussion or a
sufficient number of
abstentions or oppositions
Concept Review Due Diligence Final Review Board Approval
• Review of business plan
and financials
• Initial risk rating
• FAST Committee review
• Technical, commercial,
legal and safeguards
due diligence
• Finalize term sheet
• Formal risk rating
• Disclose safeguards
documents
• Investment Committee
review
• President’s approval
Early Review Due Diligence Final Review
1 2 3 4
1 2 3
Notes:
(*) Any nonsovereign financing ≤$20 million for debt and ≤$10 million for equity. Other requirements apply (e.g. safeguards categorization).
Regular
Procedure
No
Objection
Procedure
7 October 2019 23

Portfolio by Product and Sector
Committed Exposure of $13 billion as of 31 December 2018 (Inner Circle by Project Count, Outer Circle by Volume)
7 October 2019 24
Product Exposure Sector Exposure

Portfolio by Region and Country
Committed Exposure of $13 billion as of 31 December 2018 (Inner Circle by Project Count, Outer Circle by Volume)
7 October 2019 25
Region Exposure Country Exposure

Commitments 2016 - 2018
n Agribusiness n Info, Com and Telecom
n Energy – Renewable n Private Equity
n Energy – Other n Transport
n Financial Institutions n Water
n Health n Urban
East Asia
People’s Republic of China
n Jiangsu Lihua Animal Husbandry
n Kingenta Ecological Engineering
n Inner Mongolia Saikexing Breeding
n China Everbright Renewable Energy
n Arctic Green Geothermal Power
n CFPA Microfinance
n MicroCred
nn Minsheng Financial Leasing
n State Grid International Leasing
n Zhujiang Financial Leasing
n China Water Affairs
n CWEG
n CT Environment
n Beijing Capital
South Asia
Bangladesh
n BRAC Bank
n Eastern Bank
n Summit Power
India
nn India Agri Business Fund II
n Power Grid
n Mytrah Wind and Solar Power
n Ostro Kutch Wind Power
n ReNew Solar and Wind Power
n Au Financiers
n PNB Housing Finance
n Janalakshmi Financial Services
n IndusInd Bank
n Satin Creditcare Network
n Cholamandalam MSME
n Capital First
n Annapurna Microfinance
n True North Fund VI
n Multiples III
Sri Lanka
n Walkers Colombo Shipyard
n DFCC Bank MSME
Regional
n Agripacific
n Olam
nn B Grimm Power I/II
n B Grimm Green Bond
n Fluidic
n CreditAccess Asia
n Micro-Credit Ratings International
n Creador III
n Creador IV
n VI (Vietnam Investment) Fund III
n Exacta Asia Investment II
nn OrbiMed Asia Partners III
n DCDC Health Services
Pacific
Samoa
n Jarcon Pty and Sun Pacific Energy
Central and West Asia
Armenia
n Spayka
n Electric Networks of Armenia
n Ameriabank
n FINCA Bank
Azerbaijan
n Shah Deniz
Georgia
n FINCA Bank
n TBC Bank
Kazakhstan
n Samruk Energy
Pakistan
n Triconboston Wind Power
n Khushhali Bank MSME
South East Asia
Cambodia
n Sunseap Solar Power
n PRASAC Microfinance
Indonesia
n Equis I/II
n Muara Laboh Geothermal Power
n Rantau Dedap Geothermal Power
n Tangguh LNG Expansion
n Jawa -1 LNG to Power
n Hermina
Myanmar
n Myingyan Natural Gas Power Plant
n Irrawaddy Towers
n Ascent I
Philippines
n
Tiwi and MakBan Geothermal Power Green
Bonds
Thailand
n Chana Green WTE
n Gemstone
n Chonburi Natural Gas Power
Vietnam
n China Everbright International WTE
n BIDV
7 October 2019 26

Japanese Partnerships in
Nonsovereign Transactions

INO: Sarulla Geothermal Power Project
Cofinancier:
Key Features:
Borrower Sarulla Operations Limited
Country Indonesia
Sector Energy
Sub-sector Renewable energy generation - geothermal
Approval Date 5 December 2013
Commitment Date 28 March 2014
ADB $250 million (ADB); $80 million (CTF); $20
million (Canadian Climate Fund)
JBIC $479 million
• Accelerating development of the Indonesian
geothermal sector via the financing, implementation,
and commissioning of the first geothermal
Independent Power Producer (IPP) in Indonesia in over
10 years; avoiding the emission of 1.3 million tons of
greenhouse gases (CO2 equivalent) per annum.
7 October 2019 29
Sponsors:
Turbine Supplier:

INO: Muara Laboh Geothermal Power Project
Key Features:
Borrower Supreme Energy Muara Laboh
Country Indonesia
Sector Energy
Commitment Date 26 January 2017
ADB $70 million
LEAP / CTF $20 million; $19.25 million
• The project will develop, operate, and maintain
geothermal steam resources and an 80MW power
generation unit in the Liki Pinangawan Muara Laboh
concession area.
• The development of a baseload geothermal power plant
and avoidance of carbon emissions will assist in the
government’s efforts to achieve sustainable growth
targets through private sector investment.
7 October 2019 30
Sponsor and EPC Contractor:
Cofinanciers:
Turbine Supplier:

INO: Rantau Dedap Geothermal Development Project-Phase 2
Borrower PT Supreme Energy Rantau Dedap (SERD)
Country Indonesia
Sector Energy
Approval Date 23 March 2018
ADB $175.3 million
Clean Technology
Fund
$50 million
• In 2014, ADB arranged a concessional CTF loan to support
Phase 1, which carried out drilling and exploration to quantify
and characterize the nature of geothermal resources.
• Based on the results of Phase 1, Phase 2 will construct,
operate and maintain the power project with capacity of 90
MW located in South Sumatra Province.
• Both Phase 1 & 2 are implemented by SERD, which is owned
by PT Supreme Energy, Engie, Marubeni Corporation and
Tohoku Electric Power.
Key Features:
7 October 2019 31
Sponsors:
Cofinanciers:
EPC and Turbine Supplier:

Full Steam Ahead for Indonesia’s Low Carbon Future (Video)
7 October 2019 32

MON: Sermsang Khushig Khundii Solar Power
• The project involves the construction, operation and
maintenance of a 15 MW solar power plant in the Khushig valley
in Tuv aimag.
• The project will generate 22.3 GWH of clean energy annually and
reduce Mongolia’s carbon dioxide emissions by 26,400 tons per
year.
• The project benefits from the transfer of technical and operational
expertise from Japan and Thailand. SSP, which owns 75% of TGC, is
a renewable energy developer listed on the Stock Exchange of
Thailand with operations across Asia. Sharp Corporation from
Japan, which owns 10% of TGC, is the lead EPC contractor. SSP is a
guarantor of the loan.
• The project is ADB’s first private sector infrastructure investment
in Mongolia and first PSOD-EARD joint project.
Borrower/Guarantor Tenuun Gerel Construction LLC (TGC) as
Borrower and Sermsang Power
Corporation Public Company Limited
(SSP) as Guarantor
Country Mongolia
Sector Energy
Sub-sector Renewable energy generation - solar
Commitment
Date
20 March 2019
ADB $9.6 million
LEAP $9.1 million
7 October 2019 33
Key Features:
Sponsor and Panel Supplier:
Cofinancier:

IND: Kutch Wind Project
7 October 2019 34
Key Features:
Borrower Ostro Kutch Wind Private Limited
(OKWPL)
Country India
Sector Energy
Sub-sector Renewable energy generation - wind
Commitment Date 25 September 2018
ADB $93 million equivalent in Indian rupees
• The project involves the construction and operation of a 250
MW wind power project in Gujarat. Power will be sold to PTC
India Limited at a fixed tariff of ₹ 3.46/kWh.
• The project was awarded through a competitive process under
India’s first wind energy auction launched in 2016 by the
Ministry of New and Renewable Energy. This auction has
brought down the cost of wind power from that under the feed-
in-tariff regime.
• The project helps to diversify the energy mix in India by adding
renewable energy capacity, reduces the country’s dependence
on fossil fuels and helps the promotion of cost-competitive,
convenient, safe, and reliable new and renewable energy supply
options.
~10% stake
100% stake
Ostro Energy Pvt. Ltd.
Ostro Kutch Wind Pvt. Ltd.
100% stake
Sponsors:

INO: Jawa-1 Liquefied Natural Gas-to-Power Project
Borrower P.T. Jawa Satu Power
Country Indonesia
Sector Energy
Sub-sector Conventional energy generation
Approval Date 29 August 2018
Commitment Date 18 October 2018
ADB $185.1 million
LEAP $120.0 million
• The project will build, operate, and maintain a 1,760 MW
combined-cycle gas-fired power plant in Cilamaya,
Karawang, West Java. The assistance will support the
development of one of the first and largest power projects
using LNG in Indonesia. The project will also provide an
affordable power generation source that could increase
the penetration capacity of renewable energy sources on
the Jawa-Bali grid.
• P.T. Jawa Satu Power is owned by (i) Marubeni
Corporation, a major Japanese trading house that has net
overseas installed capacity of 10,541 MW and is a leading
player in IPP business globally; (ii) Sojitz Corporation, a
major Japanese trading house; and (iii) PT. Pertamina
(Persero), a state-owned company engaged in the energy
sector including oil, gas and new and renewable energy.
Key Features:
7 October 2019 35
Sponsors:
Cofinanciers:

THA: Chonburi Natural Gas Power Project
Borrower Gulf SRC Company Limited
Country Thailand
Sector Energy
Sub-sector Conventional energy generation
Approval Date 30 October 2018
Commitment Date 2 November 2018
ADB $227.7 million
LEAP $120.0 million
• The project will build, operate, and maintain a 2,500 MW
combined-cycle power plant in the WHA Eastern Seaboard
Industrial Estate 1 of Chonburi Province. The project will utilize
natural gas and will be the first to employ new high-efficiency
technology that reduces pollutants and emissions, providing
cleaner air quality and lower carbon footprint.
• Gulf SRC is wholly owned by Independent Power Development,
a joint venture between Gulf Energy Development Public
Company Limited (GED) with 70% of shares and Mitsui & Co.,
Ltd with 30%. GED is a leading power generation company with
the largest portfolio of contracted PPAs in Thailand, focused on
gas-fired power plants. Mitsui is one of Japan’s largest trading
companies and has a track record in developing more than 70
power projects in 21 countries.
Key Features:
7 October 2019 36
Sponsor:
Cofinancier:
EPC Contractor and Turbine Supplier:

REG: High Value Horticulture Development Project
Key Features:
Borrower Kunming Hasfarm Flowers (KHF)
Country Regional
Sector Agriculture
Sub-sector Agriculture products
Commitment Date 1 December 2017
ADB $250 million
• The project will scale-up and transfer a successful high-value
horticulture business model built on (i) the introduction of climate-
controlled greenhouse technology in tropical highlands in Asia; and
(ii) the integration of its business downstream into distribution in
domestic and export markets.
• The project will contribute to at least three targets of the
Sustainable Development Goals: (i) implement resilient agricultural
practices that increase productivity and production, that help
maintain ecosystems, and that strengthen capacity for adaptation to
climate change; (ii) enhance regional and international cooperation
on and access to science, technology, and innovation; and (iii)
significantly increase the exports of developing countries.
• The project will promote gender equality by increasing the
proportion of women employees (from 60% in 2015 to 65% by
2020) including in management positions (from 53% in 2015 to 63%
by 2020).
7 October 2019 37
Hasfarm exports more than 50% of its
flowers to Japan using a distribution
platform called Greenwings

REG: Agricultural Value Chain Development
Key Features:
• Olam is a leading agribusiness company with presence in
70 countries. It differentiates itself by focusing on niche
commodities and businesses, buying from growers and
village-level agents at the farm gate, and providing value-
added solutions and services to customers (e.g.,
traceability guarantees).
• ADB’s loan will be used to fund Olam’s expansion plan
over the 2017-2018 period which include large mid-stream
projects and working capital investments for smallholder
farmer supply in Viet Nam, Indonesia, Timor-Leste, and
Papua New Guinea.
• $3.0 million TA will support about 13,000 smallholder
coffee farmers in Viet Nam Indonesia, Timor-Leste, and
PNG.
Borrower Olam International Limited
Country Regional
Sector Agriculture
Sub-sector Agro-industry, marketing, and trade
Approval Date 27 October 2017
ADB $88 million
JICA $75 million
7 October 2019 38
One third of soluble coffee produced in Vietnam
by this ADB-JICA project exported to Japan
Cofinancier:
20% shareholder in Olam International:

Trade Finance Program
7 October 2019 40
Products
$1.35 billion program size

21 countries of operation, 75 local banks
90% of outstanding exposure in top 4 counties BAN, PAK, SRI and VIE
7 October 2019 41
Uzbekistan
Kazakhstan
Azerbaijan
Afghanistan
Pakistan
Sri Lanka
Bangladesh
Nepal
Mongolia
Cambodia
Indonesia
Viet Nam
Armenia
Georgia
Bhutan
Tajikistan
Kyrgyz Republic
Myanmar
Samoa
Fiji
Papua New Guinea

7 October 2019 42
150+ international banks in 98 countries
Russia
New Zealand
Papua-New Guinea
Australia
Philippines
Japan
Brunei
Taiwan
South Korea
North Korea
Indonesia
Malaysia
Vietnam
Cambodia
Laos
Myanmar
Sri Lanka
Madagascar
India
Mongolia
China
Mozambique
South Africa
Malawi
Pakistan
Zimbabwe
Botswana
Kirgistan
Tadschikistan
Somalia
Afghanistan
Tanzania
Namibia
Sambia
Kenya
Dschibuti
Qatar
Yemen
Uganda
Ethiopia
Usbekistan
Angola
Turkmenistan
Eritrea
Iran
Zaire
Saudi-Arabia
Sudan
Iraq
Kazakhstan
Azerbaijan
Congo
Argentina
Jordan
Central Africa
Chile
Gabun
Israel
Syria
Lebanon
Georgia
Cameroon
Chad
Egypt
Cyprus
Nigeria
Turkey
Benin
Togo
Ghana
Libya
Greece
Niger
Bulgaria
Ivory Coast
Burkina Faso
Liberia
Ukraine
Serbia
Romania
Tunesia
Sierra Leone
Belarus
Mali
Guinea
Brazil
Hungaria
Algeria
Lithuania
Italy
Guinea-Bissau
Estonia
Latvia
Senegal
Gambia
Poland
Mauretania
Finnland
Bolivia
West Sahara
Germany
Marocco
Sweden
Denmark
Spain
France
Belgium
Netherlands
Portugal
Peru
Norway
French-Guayana
United Kingdom
Guyana
Ireland
Columbia
Ecuador
Venezuela
Trinidad
Panama
Puerto Rico
Costa Rica
Dominican Republic
Haiti
Nicaragua
Jamaica
Honduras
El Salvador
Iceland
Belize
Cuba
Mexico
USA
Greenland
Canada
Nepal
Bhutan
Bangladesh
Thailand
Uruguay
Guatemala
Kuwait
Oman
United Arab Emirates
Lesotho
Swaziland
Burundi
Rwanda
Croatia Bosnia-Herzegovina
Austria
Switzerland
Luxemburg
Moldawia
Albania
Macedonia
Montenegro
Slovenia
Czech Republic
Slovakia
Armenia
Paraguay
Surinam
*Full list of partner banks at www.adb.org/tfp

7 October 2019 43
TFP Portfolio (2009 to 2018)
$-
$2.00
$4.00
$6.00
$8.00
0
1,000
2,000
3,000
4,000
5,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Billions
No. of Transactions Supported Value of Transactions Supported
Cofinancing Commitments (ADB Exposure Net of Distribution)
2018 vs. 2017
• 38% increase in value of transactions supported
• 33% increase in cofinancing
• 28% increase in no. of transactions supported

7 October 2019 44
TFP in 2018
Transactions supported (US$)
$6.20 billion
Cofinancing
$3.75 billion
No. of transactions
4,476
SMEs supported
3,475
No. of Intra-regional trade transactions
3,136
Five most active of 21 TFP countries
Armenia, Bangladesh, Pakistan, Sri Lanka, Viet Nam
2009-2018
$36.30 billion
2009-2018
$21.60 billion
2009-2018
21,083
2009-2018
15,790
2009-2018
15,688

7 October 2019 45
TFP in Japan
40%
60%
1,407
Number of Japanese import / export transactions
to developing Asia
Value of Japanese import / export transactions
with 16 countries including Bangladesh, Pakistan
and Viet Nam
$723.75
million
$1.21
billion
1,494
$226.75
million
Co-financing with Japanese banks
Number of transactions supported with Japanese
banks
Value of trade guarantees provided to Japanese
banks

Supply Chain Finance Program
7 October 2019 46
2018 Program Highlights
• Transactions supported
$217 million
• Cofinancing
$109 million
Works with corporates and PFIs to enhance SME access to working capital
$300 million program size

Microfinance Risk Participation and Guarantee Program
Meet unmet demand of
microfinance institutions (MFIs) for
funding
Remove and eliminate FX
component of financing for MFIs
Promote development of the
microfinance industry
Expand and increase lending at the
partner financial institutions (PFIs) level
$340 million program size
Transactions
Supported
Microfinance wholesale andretail
loans,capital market instruments such
asbonds and securitizations
ADBSupport Credit enhancement through risk
participations andguarantees
Tenor Upto 5 years
Coverage Upto50%of the risk per transaction
EligiblePartners
Financial institutions from ADB’s
developing member countries,
subjectto eligibilitycriteria
EligibleCurrencies Thoseof ADB’sdeveloping member
countries(DMCs)
Provide greater accessto finance for the
underserved and lower income
population
7 October 2019 47

Local
Currency
Lenders
(LCLs)
Microfinance Institutions(MFIs)
Partner
Financial
Institutions
(PFIs)
Arranger/
Co-guarantor
GuaranteeStructure
RiskParticipationStructure
StandardChartered
Bank
CitibankNA
Maybank
HattonNational
Bank
Northern ArcCapital
RBLBank
KotakMahindraBank
IndusIndBank
Looking to partner with Sumitomo Mitsui Banking Corporation in India
and Gojo (Japanese impact investor) in Cambodia, India, Myanmar
and Sri Lanka
7 October 2019 48
Partners

$1,154,922,970
New loans supported
$596,100,018
Cofinancing
5,998,584
Borrowers supported (approximately 95%arewomen)
*as of July 2019
7 October 2019 49
Accomplishments

Mobilization of Third-Party
Funds

Cofinancing and Asset Management
COMMERCIAL CO-FINANCING ($MM) FUNDS UNDER MANAGEMENT
Leading Asia’s
Private
Infrastructure Fund
• $1.5 billion
• Debt and Equity
Canadian Climate
Fund for the Private
Sector in Asia
• $82 million / $150
million
Climate Investment
Funds
• $350 million
• Concessional
Finance
7 October 2019 51

✓ B Loans to include commercial lenders
✓ Parallel loans to include multilaterals
✓ Partial risk guarantee for commercial
lenders
“Long-term cofinancing target for private sector operations … with every $1 in financing for its
private sector operations matched by $2.50 of long-term cofinancing”
ADB Strategy 2030
Catalyzing and mobilizing financial resources for development
Commercial Cofinancing Initiatives
15 MW Solar Power Project (Mongolia)
March 2019
275 MW Gas Power Project (Indonesia)
June 2019
✓ First ever cofinancing with Leading Asia’s
Private Infrastructure Fund (LEAP) in
Mongolia’s renewable energy sector
7 October 2019 52

Leading Asia’s Private Infrastructure Fund (LEAP)
7 October 2019 53
Overview
• Launched in March 2016 and managed by ADB
• Signed: 12 parallel transactions totaling $501 million
• In process: 9 parallel and non-parallel transactions totaling $165 million
• 9 of signed and in process transactions have Japanese involvement ($348
million)
Progress to Date
• $1.5 billion in funding from JICA for parallel and non-parallel co-
financing of private sector infrastructure in Asia and the Pacific:
➢ Energy (including renewables)
➢ Transportation
➢ Water & urban infrastructure
➢ Information, communications and technology
➢ Health
• 5-year investment period
• Loans and equity investments
• Pipeline: 17 transactions totaling $1 billion
• 11 have Japanese involvement ($895 million)

LEAP Portfolio by Country and Sector Exposure
Country Exposure Sector Exposure
38.5%, Wind
and
solar
32.6%,
Conventional
Power
15.9%, Solar
3.7%, IT
3.0%,
Geothermal
2.3%, Financial
Institution
2.1%, Health 1.5%, Education
0.4%, Public
Hygiene
$666
million
36.3%,
India
34.7%,
Indonesia
10.0%,
Thailand
9.0%,
Pakistan
3.8%,
Pacific
1.8%, Viet Nam
1.5%,
Afghanistan
1.5%,
Philippines
1.4%,
Mongolia
$666
million
7 October 2019 54

IND: ReNew Clean Energy Project
7 October 2019 55
• ReNew Power is the largest renewable energy IPP in India in
terms of total energy generation capacity. Since commencing
operations with a 25.2 MW wind project in Jasdan, Gujarat, the
company has grown exponentially, and has a current renewable
asset base of over 7 GW, of which more than 4 GW is
operational.
• The project involves the construction of 398 megawatts (MW)
of solar power and 311 MW of wind power subprojects across
six states in India.
Key Features:
Borrower SPVs owned by ReNew Power Ventures
Pvt. Ltd.
Country India
Sector Energy
Sub-sector Renewable energy generation – solar and
wind
Approval Date 16 May 2014
Commitment Date 13 June 2014
ADB $195 million
LEAP $195 million
~10% stake

REG: DCDC Health Dialysis Network Project
Transaction Highlights:
• $5 million Parallel Equity investment in DCDC Healthcare Services
Private Limited (DCDCPL) to expand dialysis and ancillary health
services in India to more than 180 centers in 2018 from its current
100 centers in operation.
• Investment will fund the cost of new buildings, furnishings, and
dialysis equipment. Purchase of equipment is under a dedicated
availability agreement with Nikisso, Nipro (both Japanese dialysis
machine producers), and Fresenius (German).
Development Impacts:
• Investment is aligned with the Government of India’s 2016 National
Dialysis Program, which aims to add 3,000 new dialysis centers across
the country.
• Expansion of the DCDC network improves access to quality dialysis
services for end-stage renal diseases especially in under-served and
lower-income populations.
Investee DCDC Healthcare Services Pvt
Ltd
Country India
Sector Health
Investment Type Parallel Equity
Commitment
Date
29 June 2018
ADB $5 million
LEAP $5 million
7 October 2019 56
Dialysis Machine Suppliers:

INO: Riau Natural Gas Power Project
Borrower PT Medco Ratch Power
Riau
Country Indonesia
Sector Energy
Investment Type Parallel Debt
ADB $70 million
LEAP $20 million
• $20 million loan for the construction of a 275 MW combined-cycle
gas turbine power plant and ancillary infrastructure in Riau
province in Central Sumatra, Indonesia.
• Project is being implemented through PT. Medco Ratch Power Riau,
owned by PT. Medco Power, a leading developer and operator of
small and medium-sized independent power producers (IPP) in the
country, and Ratchaburi Electricity Generating Holding Public
Company Limited, Thailand’s largest IPP.
• Power plant is expected to provide stable and reliable power to the
domestic grid, amounting to about 1,445 gigawatt hours annually.
• The use of combined-cycle gas-fired power generation will improve
the environmental sustainability of the current energy mix in
Sumatra by displacing diesel and coal as fuels for electricity
generation.
• The project will also contribute to lowering the average power
generation cost in Sumatra.
7 October 2019 57

IND: Avaada Solar Project
• $25 million equity investment in Avaada Energy
Private Limited to expand its solar photovoltaic
operating and under construction generation
capacity from 593 megawatts (MW) as of
December 2018 to 1,991 MW operating
capacity by March 2023.
• The project will contribute to the strategy of
the Government of India to increase the share
of renewable energy generation capacity from
about 20% in 2018 to 40% by 2030, and help
reduce the emission intensity of India’s gross
domestic product by 33% to 35% by 2030.
Company Avaada Energy Private
Limited
Country India
Sector Energy
Investment Type Parallel Equity
ADB $25 million
LEAP $25 million
7 October 2019 58

VIE: Floating Solar Energy Project (Video)
7 October 2019 59

Appendix:
2018 and YTD 2019 Case Studies

7 October 2019 61
THA: Southern Thailand Waste-to-Energy
Client: Chana Green Company Limited
ADB Commitment: $35.3m loan equivalent in bhat
Key Features:
• Agriculture has played an important role in Thailand’s economic development
but has also led to serious environmental and social challenges in managing
the mass amount of residual waste generated from the harvesting process.
• Waste-to-energy (WTE) technology offers an effective solution by converting
agricultural waste into a dependable and renewable source of electricity.
• The project involves the construction and operation of a 25 MW biomass WTE
power plant located in Chana, Songkhla province of Southern Thailand. The
plant will convert 825 tons per day of agricultural waste into electricity.
• Chana Green is wholly owned by Gulf Energy Development, a leading private
sector power generation company in Thailand.
ADB’s Value Addition:
• Help provide an environmentally sustainable solution to the abundant
agricultural waste that is produced from farming and wood industries by
converting biomass into a renewable source of electricity.
• Help reduce the risk perception associated with WTE projects and creates
awareness of the benefits and sustainability of WTE that can be applied to
other rural communities and DMCs.
• ADB’s long-term (18-year) financing will signal confidence to other banks and
developers considering investing in infrastructure assets within the region.
Approval Date: 20 October 2017
Commitment Date: 16 February 2018
VIE: Municipal Waste-to-Energy Project
Client: China Everbright International Limited (CEIL)
ADB Commitment: $100m loan
Key Features:
• CEIL is a leading integrated environmental protection company in the
People’s Republic of China (PRC). CEIL’s core businesses are wastewater
management, waste-to-energy (WTE), and other renewable energy.
• Under the project, CEIL will implement a series of WTE plants in Viet Nam.
These plants will collectively treat 7,500 tons of MSW daily. The project will
be the first municipal WTE project financed entirely by the private sector in
Viet Nam.
• CEIL will use advanced clean technologies, including flue gas emission
control, to meet EU standards.
• Taking a portfolio approach, efficiently finance multiple WTE plants that are
too small, costly, and time-consuming to finance on a stand-alone basis.
ADB and CEIL pioneered this approach for CEIL’s WTE projects in PRC. The
project replicates this in Viet Nam.
• Demonstration effects by supporting one of the first municipal-level PPPs
and showcasing a long-term solution for MSW problems.
Approval Date: 1 December 2017
Case Studies – Infrastructure

7 October 2019 62
REG: ASEAN Distributed Power (Phase 2)
Client: B Grimm Power Public Company Limited
Key Features:
• B. Grimm is a major player in the Thailand’s small power producer segment. It
owns and operates distributed gas-fired cogeneration and renewable power
plants. To finance its next phase of rapid growth, B.Grimm has raised equity
capital through an IPO and ADB participated in the IPO as a key anchor
investor.
• Proceeds from the IPO and ADB/CCFPS loans will be used to construct new
distributed and utility-scale renewable power, gas-fired power, energy
storage and associated infrastructure mainly in the ASEAN countries.
• Support B. Grimm in the diversification and expansion of its renewable energy
portfolio in the ASEAN region, particularly distributed power plants. ADB’s
participation in the IPO will not only provide direct financing but also help
attracting third-party investors and establishing more confidence in B.
Grimm’s future access to capital markets.
• The countries covered are only recently beginning to develop distributed
renewable power options, where developers face a range of technical and
regulatory challenges. The concessional loan from CCFPS will help to
demonstrate a track record of successful financing to encourage private sector
developers to take on the higher risk associated with such project.
Approval Date: 29 September 2017
PRC: Integrated Urban Water Management Project
Client: China Water Affairs Group Limited (CWA)
ADB Commitment: $200m loans
Key Features:
• The project will support CWA to develop and operate integrated urban water
management projects, where multiple, interlocking water facilities are
developed and operated synergistically.
• ADB will fund infrastructure which combines (i) water treatment and
distribution; (ii) wastewater treatment; and (iii) sewage pipelines developed as
PPPs with local governments in second- and third-tier cities.
• CWA’s investments during 2018-2021 are expected to increase or improve
treatment capacity for over 10 million m3 per day of water and 1.8 million m3
per day of wastewater, and construct at least 5,000 km of sewage pipelines.
• This is the third phase of collaboration between ADB and CWA, and more
directly emphasizes the integration of the urban water sector.
• Raise the profile of integrated urban water management approaches and
catalyze their adoption in PRC.
• Lower transaction costs by bundling together multiple infrastructure
subprojects, which are often too small and time-consuming to finance on a
stand-alone basis.
• Collaborate with CWA to expand its environmental and social policies and
procedures to encompass all areas of the water value chain, demonstrating
international best practices.
Approval Date: 24 November 2017
Commitment Date: 2 March 2018

7 October 2019 63
PRC: Geothermal District Heating Project
Clients: Arctic Green Energy Corporation Private Limited (AGE) and
Sinopec Green Energy Geothermal Development Company Limited (SGE)
ADB Commitment: $250m loans
Key Features:
• The project involves the construction, acquisition, rehabilitation, and operation
of a series of urban district heating systems based on geothermal energy. ADB
will finance on a subproject-by-subproject basis, subject to defined
environmental, social, development, and financial criteria.
• Each subproject will involve a PPP arrangement with a municipal government,
under which SGE would have exclusive rights to develop geothermal energy
resources and network infrastructure, and to deliver heat and related services
to residential, commercial, and industrial end users.
• SGE, the world’s largest geothermal district heating company by service area, is
51% owned by Sinopec Group of PRC and 49% owned by AGE, an Iceland-
affiliated company incorporated in Singapore.
• Geothermal facilities developed by the project are expected to reduce
greenhouse gas emissions by over 7 million tons CO2-equivalent per year.
• Establish more confidence in private sector participation in district heating PPPs
in PRC and the use of renewable energy in heating.
• Raise environmental and social standards for PRC geothermal industry.
• The portfolio approach will lower transaction costs by bundling a series of
subprojects in multiple cities, which are too small and time-consuming to
finance on a stand-alone basis.
INO: Eastern Indonesia Renewable Energy Project
(Phase 2)
Client: The Equis Group
ADB Commitment: $12.5m loan; $21.9m loan from Canadian Climate Fund for
the Private Sector in Asia II; $5.8m loan from Leading Asia’s Private Infrastructure
Fund
Key Features:
• This transaction follows phase 1 of the project where ADB provided financing
for a 72 MW wind farm.
• Phase 2 are the first utility-scale solar PV plants by the private sector in
Indonesia. It consists of a 21 MW solar PV power plant in Likupang, North
Sulawesi, and three 7 MW solar PV power plants in Lombok, West Nusa
Tenggara. These solar power plants will supply energy to PLN, Indonesia’s
national power utility.
• Mobilize all required debt package for the first utility-scale solar PV projects in
Indonesia. Indonesia’s RE sector has not taken off due to the absence of
supporting regulatory mechanisms, but the project will have a positive
demonstration effect for the growth of the nascent RE sector.
• ADB’s long term loan and the concessional loan from CFPS II will mitigate the
risk of solar power and raise the project’s financial viability despite the
relatively low-tariff environment in Indonesia.
• Play a pivotal role in building a critical mass of first-generation RE project in
Indonesia.
Approval Date: 11 April 2018
Commitment Date: 19 April 2018

7 October 2019 64
INO: Maternity and Child Care Hospital Project
Client: PT Medikaloka Hermina Tbk (Hermina)
ADB Assistance: $10m equity and 10m equity from Leading Asia’s Private
Infrastructure Fund
Key Features:
• Hermina is the second largest private hospital group in Indonesia, operating
28 hospitals with 2,780 beds in 2017. Since it opened its first maternity clinic
in 1985, it has developed a chain of general multispecialty hospitals with a
continued focus on maternity and pediatric health care services.
• Hermina’s strategic focus is serving emerging and current middle-income
segments of the population.
• Hermina aims to expand to 40 hospitals with 4,000 beds by 2020.
• Through its partnership with the Jaminan Kesehatan Nasional (JKN), the
universal health insurance program of Indonesia, Hermina is contributing to
more equitable provision of health care services in Indonesia.
• ADB’s participation as an anchor investor in the IPO of Hermina in May 2018,
helped the company successfully complete an IPO fund raise of $140 million
in challenging market conditions.
• Improve Hermina’s environmental and social safeguards standards through
the adoption of ADB’s standards.
• Demonstrate viability of a business model that focuses on JKN adoption and
contribute to the overall improvement of health care services in Indonesia.
Commitment Date: 7 May 2018
KAZ: Restructuring and Transformation Project
Client: Samruk-Energy
ADB Commitment: $120 loan equivalent in tenge
Key Features:
• Samruk-Energy, wholly owned by the sovereign wealth fund Samruk-Kazyna, is
the largest power generation company in Kazakhstan. It owns 31% of the
country’s installed generation capacity. In 2015, the company adopted a long-
term strategy focusing on introduction of new technologies, expansion of
renewable energy, and doubling of shareholder value, but several
macroeconomic challenges have slowed down the implementation. As part of
the government’s privatization plan, the company also plans to go for an IPO.
• ADB’s financing will support Samruk-Energy’s overall business restructuring and
transformation plan aimed at (i) reducing foreign exchange risks; (ii) improving
operational efficiency; and (iii) identifying renewable energy opportunities, to
attract investors for the IPO.
• This transaction will be ADB’s first nonsovereign transaction with an SOE in
Kazakhstan. ADB is also providing a technical assistance to support the
restructuring process.
• Cofinanced by EBRD.
• ADB’s long-term tenge financing will reduce Samruk-Energy’s foreign exchange
debt and free up resources for future development and preparations for the
upcoming IPO.
Commitment Date: 8 November 2018

7 October 2019 65
THA: Thailand Green Bond Project
Client: B.Grimm Power Public Company Limited
ADB Assistance: $152.7m debt investment in bonds equivalent in baht
Key Features:
• ADB invests in corporate bonds (green bonds) issued by B.Grimm, a leading
energy company in Thailand with a growing presence in other ASEAN
countries.
• It is the first “Climate Bond” certified by the Climate Bond Initiative (CBI), and
the first “Green Bond” issued by a Thai energy company in compliance with
the International Capital Markets Association’s Green Bond Principles (GBP).
• The bond proceeds are used for the construction and refinancing of 16 solar
power plants in Thailand, for a total capacity of 98.5 MW.
• ADB helped and advised B.Grimm in ensuring compliance with the GBP, and
also assisted in B.Grimm’s application to the CBI for the Climate Bond
certification.
• Help make green bonds and climate bonds better known in the region.
• Foster confidence among issuers towards green bonds, help promote further
investments in renewable energy and other climate-friendly businesses, and
enable easier access to funding for these projects.
• Encourage other players in the market to improve their environmental and
social management system as B.Grimm’s.
Commitment Date: 7 December 2018
REG: AC Energy Green Bond Project
Client: AC Energy Finance International Limited (ACEFIL)
ADB Assistance: $20m debt investment in bonds
Key Features:
• ADB invests in green bonds issued by ACEFIL. These bonds are in compliance
with the International Capital Markets Association’s Green Bond Principles,
and Climate Bond Initiative (CBI) certification process under its Climate Bond
Standards. AC Energy, ACEFIL’s parent company and also the bond guarantor,
obtained CBI certification upon the advice of ADB. The proceeds of ADB’s
subscription will only be applied to solar and wind projects in the Philippines,
Indonesia and/or Viet Nam.
• AC Energy is a wholly-owned subsidiary of Ayala Corporation, one of the most
diversified conglomerates in the Philippines. AC Energy has developed and
grown its Philippine portfolio to over 1,739 MW of gross capacity by end of
2018, expended overseas, and has become a regional renewable energy leader
in Southeast Asia.
• Ensure that bonds will comply with the GBP and climate bond monitoring
process.
• Help make green bonds and climate bonds better known in the region.
• ADB’s anchor investor role will be catalytic in offering an alternative to the
loan markets for financing clean energy initiatives in the private sector.
Approval Date: 30 January 2019
Commitment Date: 31 January 2019

7 October 2019 66
MYA: Nationwide Data Connectivity Project
Client: Ooredoo Q.P.S.C.
ADB Assistance: $500m loan
Key Features:
• The project consists of (i) rollout of fixed and wireless broadband services; (ii)
upgrade of mobile telecommunication networks; and (iii) acquisition of
additional spectrums and licenses in Myanmar by Ooredoo.
• Ooredoo, headquartered in Qatar, is a leading global telecommunications
company that serves almost 120 customers. It has significant geographic
diversification, with operations in 10 markets across Asia, the Middle East, and
North Africa. Ooredoo is 67% owned by Qatar and is listed on the Qatar and
Abu Dhabi stock exchanges.
• Strong demonstration impact on other multinational and international
financiers in proving that private sector infrastructure investments can be
successful in Myanmar.
• Expand Ooredoo’s commitment to support and advance inclusive sustainable
development by promoting the use of ICT in supporting gender equality and
women’s empowerment.
• Reduce gender gap by facilitating women’s basic access to ICT and providing
ICT jobs, promotion, training, and health services to women.
• Ensure adoption and implementation of environmental and social safeguards
standards.
Approval Date: 19 February 2018
ARM: Yerevan Gas-Fired Combined-Cycle Power Project
Client: ArmPower CJSC
ADB Assistance: $68.4m loan
Key Features:
• The project consists of a 250MW gas-fired combined cycle power plant, and
associated infrastructure at the site of the plant. The power generated from the
project will be sold to Electric Networks of Armenia.
• ArmPower will develop, own and operate the project. It is owned 60% by Renco
Power, a joint-venture between Renco S.p.A. and Societa Italiana per le Imprese
all’Estero (SIMEST), and 40% by Siemens Project Ventures (SPV). Renco, an
Italian company incorporated in 1979, provides consulting, engineering and
construction services for the energy, oil, and gas and civil infrastructure sectors.
SIMEST, established in 1991, promotes investments of Italian businesses abroad
and provides Italian companies with technical and financial support. SPV is the
investment arm of Siemens Financial Services, which is a wholly-owned
company by Siemens AG, a global leading technology company.
• Cofinanced by IFC, DEG and OFID.
• Catalyze long-term debt financing which has limited availability in the domestic
market.
• Enhance the project’s environmental and social standards.
• Establish precedents for future financings of similar independent power
producer projects by boosting investor and lender confidence.
Source: Photo courtesy of Siemens, Rousch Power project

7 October 2019 67
KAZ: Baikonyr Solar Power Project
Client: Samruk-Kazyna United Green LLP
ADB Assistance: $12m loan equivalent in tenge
Key Features:
• The project comprises the design, construction, commissioning, and
operations and maintenance of a 50 MW (direct current) ground-mounted
solar power plant and integration into the grid in southern Kazakhstan.
• The main project components will include approximately 150,822 PV panels,
14 central invertor stations, and a substation.
• Samruk-Kazyna United Green LLP is a joint venture between UG Energy
Limited (51%) and Samruk-Kazyna Invest LLP (SKI) (49%). UG Energy is a UK
company and part of United Green Group (UGG) while SKI is a subsidiary
owned by Samruk-Kazyna JSC, Kazakhstan’s sovereign wealth fund. UGG and
SKI entered into a partnership in 2014 to develop Kazakhstan’s first solar
power project, which was financed by the EBRD.
• Cofinanced by EBRD.
• Demonstration effect by showing the viability of solar power projects in a
country with an emerging solar power sector.
• ADB’s long term loan is necessary for the project to achieve sound debt service
coverage levels over the life of the project and strengthen the momentum
towards long-term local currency financing of renewable energy assets.
• Increase confidence among investors and lenders and promote further private
sector investment in renewable energy and power.
Approval Date: 10 May 2018
PRC: Eco-Industrial Park Waste-to-Energy Project
Client: Shanghai SUS Environment Company Limited
ADB Assistance: $100m loan equivalent in US dollars, euro, yen and yuan
Key Features:
• SUS is the licensee of Hitachi Zosen Corporation’s grate incineration
technology, leading equipment provider for waste-to-energy (WTE) plants, and
emerging developer of eco-industrial parks (EIPs) in PRC. EIPs aim to minimize
the loss of resources by aggregating a series of environmental protection
infrastructures such as municipal solid waste (MSW) treatment facilities,
sludge disposal facilities, kitchen waste treatment facilities, medical treatment
facilities, and sanitary landfills. MSW WTE is used as the core component of
EIPs.
• ADB’s loan will support the development of WTE plants in EIPs in second-and
third-tier cities in PRC, with an aggregate renewable energy generation
capacity of 60MW and MSW treatment capacity of 3,000 tons/day. The project
will also support initiatives by the government to procure state-of-the-art
technology from an experienced private sector sponsor through build-operate-
transfer WTE projects, as well as other waste facilities within EIPs.
• The project will expand the low-carbon circular economy, increase livability of
cities, and tackle climate change through increased renewable energy
generation and reduction of landfill-generated methane in PRC.
• Promote higher industry standards through SUS’s incineration technologies
that can meet stringent emissions standards.
• Enhance SUS’s environmental and social standards through the adoption of
international safeguards standards.
• Finance a portfolio of WTE projects efficiently and economically and mobilize
local commercial banks.
• Approval Date: 29 November 2018
• Commitment Date: 22 March 2019

7 October 2019 68
KAZ: Total Eren Access M-KAT Solar Power Project
Client: M-KAT Green Limited Liability Partnership
ADB Assistance: $30.5m loan equivalent in tenge
Key Features:
• The project will build, operate, and maintain a 100 MW direct current solar
power plant in southeastern Kazakhstan. The assistance will stimulate the
efforts of the Government of Kazakhstan to promote investment in the
renewable sector helping replace imports of electricity in power-deficient
southeastern Kazakhstan with indigenous renewable sources.
• M-KAT Green LLP is an SPV that is 100% owned by Total Eren SA. Total Eren is a
French IPP company specializing in renewable energy. It develops, builds, and
operates renewable energy assets in both developed countries and emerging
markets with growing energy needs.
• Provide long-term local currency financing not readily available in Kazakhstan.
• Create a demonstration effect on other developers and sponsors, thereby
helping establish the viability of solar power projects.
• Ensure development of high environmental and social standards.
Approval Date: 14 January 2019
IND: Railways Track Electrification Project
Client: Indian Railways Finance Corporation
ADB Assistance: $750m loan equivalent in Indian rupees
Key Features:
• The Government of India has placed significant emphasis on investing in
infrastructure and has developed a 5-year, $132 billion capital expenditure
program for the modernization of Indian Railways, which it owns through the
Ministry of Railways, and is the third largest railway network in the world. Part
of the overall master plan is the electrification of railway tracks which is
critical for the movement of goods and people within the country. Electric
traction is more advantageous than diesel-powered trains since it is
inexpensive to operate, uses renewable energy and recovers energy from
braking or slowing down of the train.
• The project involves electrification of approximately 3,378 route km of
existing railway tracks spread across 13 states in India.
• ADB’s 20-year amortizing local currency loan will allow Indian Railways to match
the cash flows from the assets to loan repayment with no foreign exchange risk.
• ADB’s participation will help attract private sector insurance companies by way
of unfunded risk transfers, which is an important and new source of
mobilization.
• ADB will also provide technical assistance to Indian Railways which will help
build capacity on environmental and social safeguards systems required for
implementing the railway electrification subprojects.
Approval Date: 10 July 2018

7 October 2019 69
AFG: Kandahar Solar Power Project
Client: Barakat Kandahar Solar Energy (BKSE)
ADB Assistance: $4.0m loan; $3.85m loan from Canadian Climate Fund for the
Private Sector in Asia II
Key Features:
• The project will build, operate and maintain a 15 MW (direct current) ground-
mounted solar power plant located in southern Afghanistan, about 24 km
southwest of Kandahar. Main project components include (i) about 55,000
photovoltaic panels and 100 inverters; and (ii) a 6 km transmission line.
• The project is part of several initiatives undertaken by Afghanistan’s Ministry
of Energy and Water to increase investment in the renewable energy industry
in the country. 77 Afghanistan, BKSE’s majority owner (90%), was selected
among the bidders to implement the project and subsequently entered into a
20-year power purchase agreement (PPA). The PPA will be transferred to BKSE.
The remaining shares of BKSE are owned by Burak Unsal of 77 Construction,
Contracting and Trading Co.
• Provide long-term financing for private sector solar projects not readily
available in Afghanistan.
• ADB’s support, along with its ability to mobilize loans from CFPS II are crucial
to meet major market gaps and establish project viability.
• Ensure adoption of international best practices in environmental and
safeguards management.
THA: Bangkok Mass Rapid Transit Project (Pink and Yellow
Lines)
Client: BSR Joint Venture
ADB Assistance: $311m loans equivalent in baht
Key Features:
• The project will construct and operate two mass rapid transit (MRT) monorail
lines, Pink Line and Yellow Line. The Pink Line will operate in Bangkok and
Nonthaburi province with a total length of about 34.5 km while the Yellow Line
will operate in Bangkok and Sumut Prakarn province with a total length of
about 30 km.
• Through a PPP net cost scheme, the government is responsible for the
provision of land and rights of way, as well as the subsidy payment, while the
private sector invests in civil works, mechanical and equipment systems, and
rolling stock, as well as operation and maintenance.
• BSR Joint Venture comprises BTS Group, Sino-Thai Engineering and
Construction Public Company (STECON) and Ratchaburi Electricity Generating
Holding Public Company (RATCH). The concession was awarded to BSR through
a competitive and transparent tender process.
• ADB will provide a loan with longer tenor (“ridership ramp-up tranche”) to
mitigate the ridership risk following the expiry of the government subsidy.
• Signal confidence to other financiers and investors and catalyze commercial
financing to the MRT sector through the innovative “ridership ramp-up
tranche”.
• By supporting the Thai MRT sector from both private sector and public sector
(South Purple Line) operations, contribute to the promotion of the PPP
schemes, and give assurance to the government that ADB’s support is available
regardless of the PPP scheme applied to individual lines.
Approval Date: 5 June 2018

7 October 2019 70
IND: Highway Equipment Finance Project
Client: GR Infraprojects Limited (GRIL)
ADB Assistance: $23m debt financing equivalent in Indian rupees
Key Features:
• GRIL is one of the leading engineering, procurement, and construction
companies in the roads and highways sector in India. GRIL intends to use ADB
funding to purchase new construction equipment and machinery for its
execution capacity expansion. The increased operational capacity will enhance
GRIL’s ability to execute its existing order book and enable it to bid for larger
and more complex projects, thus supporting the investment plans of the
Government of India in the roads sector.
• GRIL is majority owned by the Agrawal family, and has years of experience in
the road construction industry.
• Provide access to medium-term financing to GRIL where such financing is
becoming scarce for companies operating in core infrastructure sectors.
• Help strengthen human resource management system, promote gender
equality, and improve social and environment standards by implementing a
standardized corporate wide environment, health and safety policy.
Commitment Date: 9 August 2019
REG: Pacific Renewable Energy Program
ADB Assistance: $50.0m loan; $50.0 partial risk guarantee
Key Features:
• The Program encourages private sector investment in renewable energy by
mitigating short term liquidity risk, through a donor-backed standby letter of
credit, and supports long-term investment through a partial risk guarantee
(PRG).
• The Program includes one or more of the following forms of financing support:
(i) a letter of credit of up to 24 months to cover short-term liquidity risk,
drawable by a project company in an amount covering payments due but
unpaid under the PPA; (ii) a PRG covering standard political risks and breach of
contract under a power purchase agreement (PPA); (iii) a direct loan to the
private sector investor or special purpose vehicle; and (iv) technical assistance
for transaction advisory support and streamlined project preparation or
tender processes.
• ADB can lend local currencies by providing a partial credit guarantee (PCG)
with a local currency lender.
• Create an enabling environment and address key investment risks to promote
private sector investment in the Pacific.
• Encourage transparency and governance through technical assistance.

Case Studies – Financial Sector
7 October 2019 71
ARM: Strengthening the Banking Sector for Financial Inclusion
Client: Ameriabank CJSC (AMB)
ADB Commitment: $30m equity
Key Features:
• Access to finance in Armenia is problematic particularly for MSMES. 50% of
Armenia’s 130,000 SMEs have no access to finance and this figure increases to
60-70% in rural areas. Some banks have started to target this segment
because of rising demand and higher yields, coupled with better
understanding of SMEs. AMB is one such bank and has been identified as a
strong partner for ADB to help improve access to finance in the country.
• AME is the largest bank in Armenia in terms of assets and has a market share
of about 17% in total assets. It primarily serves corporate customers (75% of
its portfolio) with the remainder comprising SMEs and retail customers. In
recent years, AMB has shifted its strategy to emphasize SME lending. AMB has
conducted detailed market analysis and plans to roll out products tailored to
SMEs’ needs. ADB’s equity will assist expansion of AMB’ SME lending and
bolster its capital base.
• ADB will also provide technical assistance of up to $1 million to support digital
banking, IT systems, and risk management investments.
• Support AMB expanding lending and new product offerings to SMEs, thus
supporting overall economic growth, job creation, and diversification.
• Provide critically needed long-term, local currency funding in the absence of
well-developed capital markets.
• Fund AMB’s capital requirements for FY2018 and support AMB’s planned IPO
by catalyzing other investors.
Commitment Date: 22 January 2018
PRC: Green Transport Finance
Client: Minsheng Financial Leasing Company Limited
ADB Commitment: $200m direct loan
Key Features:
• MFL is a private financial institution which was established in 2008 as one of
the first five bank-owned financial leasing companies approved and regulated
by the China Banking Regulatory Commission.
• The transaction is to scale up the deployment of green vehicles, which will
mitigate traffic congestion and air pollution.
• ADB’s direct loan will be used to finance the leasing or purchasing of green
buses. The green buses eligible for ADB financing will need to meet Euro V-
equivalent emission standards and fall within at least one of these categories:
(i) energy-efficient and new-energy buses; or (ii) buses running on cleaner fuel
such as compressed or liquefied natural gas, or biomethane.
• MFL will use the proceeds of the B Loan to finance (i) green vehicles, which
include green buses as well as other commercial vehicles and passenger cars
that meet the same emission standards and fall within the same categories of
the green buses; and (ii) batteries and charging stations for electric vehicles.
• The project will be supported by TA to strengthen the capacity of bus
operators by providing information resources and training.
• Promote green public transport.
• Support the leasing sector through long-term funding.
• Support partnership between public and private sectors.
• Catalyze private sector funding.
Approval Date: 30 August 2017
Commitment Date: 30 July 2018

7 October 2019 72
IND: Expanding Credit Delivery for Micro-, Small-, and
Medium-Sized Enterprises Project
Client: Cholamandalam Investment and Finance Company (Chola)
ADB Commitment: $150m senior secured nonconvertible debentures in Indian
rupees
Key Features:
• Based in Chennai, Chola is a pan-Indian nonbank financial company (NBFC)
selected by ADB for its track record in providing finance to MSMEs in logistics
and distribution services, which are critical for job creation and overall
economic growth. Chola is an attractive partner for ADB, as 70% of its total
portfolio is in states with a lower level of penetration by banks and formal
financing institutions; in addition to its strong credit profile and good
governance standards.
• ADB will provide longer-term financing to Chola, for on-lending to MSMEs, at
least half of which will be from the lagging states. ADB’s financing will meet
Chola’s requirements for scarce medium-term funds, which will help fund
longer-tenor MSME loans and diversify Chola’s funding mix.
• Given the slowdown in credit growth from banks in India, ADB’s funding will
also have a countercyclical benefit on MSME’s access to finance, translating
into balanced regional economic growth and employment.
• Support growth and job creation in India’s MSME segments, through improved
access to finance, and in a period where commercial banks have slowed their
pace of lending for this segment.
• Provide longer-tenor debt in local currency.
SRI: Improving Access to Finance for Micro, Small, and
Medium-sized Enterprises
Client: DFCC Bank PLC
Key Features:
• DFCC is a universal bank with business lines including corporate banking;
business banking targeting medium-sized firms; and branch banking, which
serves micro and small enterprises and retail customers.
• ADB has a relationship with DFCC and its former subsidiary DFCC Vardhana
Bank (DVB). DVB joined ADB’s Trade Finance Program in 2004 and received a
$15m loan for housing finance in 2012. DFCC is also a participant in ADB’s SME
Line of Credit Project.
• ADB’s financing will support DFCC’s funding requirements for medium-term
funding, which is in short supply. This will enable the bank to provide longer-
tenor micro, small, and medium-sized enterprises (MSMEs) loans and help the
bank diversify its funding sources.
• Provide access to longer-tenor debt in support of MSMEs, whose ability to
access funds is constrained.
• Strengthen DFCC’s outreach to women entrepreneurs and bolster internal
policies on women.
Approval Date: 16 May 2018

7 October 2019 73
PRC: Financing Micro, Small, and Medium-Sized Enterprises in
the Western Region
Client: MicroCred Nanchong Company Limited
ADB Commitment: $19.7m loan
Key Features:
• MicroCred Nanchong is fully owned by MicroCred China Limited (MCL), and is
registered in Sichuan, one of PRC’s poorest provinces. It had built a long and
successful record in providing unsecured microloans to MSMEs in Sichuan
province. MCL has strong shareholders (majority owned by Baobab, with other
shareholders including IFC, KfW and Developing World Markets), sound
corporate governance, experienced management team, developed risk
management systems, and satisfactory financial performance.
• ADB’s loan supports lending operations to micro, small, and medium-sized
enterprises in the underdeveloped western region of PRC. By providing access
to finance, the project will support the expansion of small businesses and
generation of additional employment opportunities, which will in turn
contribute to poverty reduction.
• Provide access to longer-tenor finance to help fill MCL’s funding gap to support its
expansion. MicroCred Nanchong does not have access to deposits and faces
difficulties in obtaining finance from commercial banks.
• Support effective gender mainstreaming through the gender action plan by
targeting more than 10,000 female borrowers.
VIE: Mainstreaming Small and Medium-Sized Enterprises
Lending Project
Client: Joint Stock Commercial Bank for Investment and Development of Vietnam
(BIDV)
ADB Commitment: $200m direct loan and $100m B loan
Key Features:
• ADB will provide longer-tenor funding to BIDV to support the growth of its
lending to SMEs and provide critically needed financial products to this
underserved segment.
• BIDV is the largest lender to SMEs in Viet Nam, having it as a priority in line
with the government’s efforts to boost lending to this segment. BIDV is 95.3%
state-owned through the State Bank of Vietnam; 4.7% is publicly listed.
• Provide access to longer-tenor debt not readily available in Viet Nam and
support the growth of SMEs.
• Part of ADB financing will be earmarked for SMEs in rural areas as well as SMEs
owned by women.
• Mobilize private sector financing for BIDV to help close its funding gap. ADB
may also transfer some of its risk to private sector insurers.
• ADB will also provide technical assistance to (i) strengthen BIDV’s risk
management and environmental and social management systems; (ii) support
investments in BIDV’s digital strategy; and (iii) develop systems to track female
borrowers and create a strategy and products to support this important market
segment.

7 October 2019 74
PRC: Small and Medium-Sized Enterprises Finance in
Underdeveloped Regions Project
Client: Zhujiang Financial Leasing Company Limited (ZFL)
ADB Commitment: $58.9m loan
Key Features:
• ADB will provide longer-tenor financing to ZFL for lease finance to small and
medium-sized enterprises (SMEs) located in the underdeveloped central and
western regions of PRC.
• ZFL was established in 2014 as a wholly-owned subsidiary of one of PRC’s
leading rural commercial banks, Guangzhou Rural Commercial Bank, and is a
leasing company regulated by the China Banking and Insurance Regulatory
Commission. ZFL’s operations have a strong development focus, sound
corporate governance, experienced management team, developed risk
management systems and good financial performance.
• Provide access to longer-tenor debt in support of SMEs in underdeveloped
regions of PRC, which face significant barriers in accessing finance.
• Help ZFL develop more longer-tenor leasing products for SMEs and improve its
asset-liability profile.
• Enhance ZFL’s environmental and social safeguards capacity.
IND: Expanding Micro, Small and Medium Enterprise
Lending
Client: Capital First Limited (CFL)
ADB Commitment: $148m senior secured non-convertible debentures equivalent
in Indian rupees
Key Features:
• Established in 2012, CFL is a retail lender serving the financing needs of
underbanked salaried and self-employed individuals and MSMEs, which
comprise India’s “missing middle”. CFL’s growth has been underpinned by its
successful development of products and services tailored to the needs of its
target customers based on new technologies and deep analytics, enabling
rapid credit decisions and superior customer service offered through various
delivery channels.
• ADB funding will support the growth of CFL’s lending to MSMEs.
• ADB will also provide technical assistance of up to $200,000 to support CFL’s
capacity building on environment and social safeguards.
• Support MSME growth and development of the missing middle.
• Support the advancement of India’s emerging lower middle-income segment.
• Diversify and increase the tenor of CFL’s liabilities to better match the funding
needs of its MSME lending.

7 October 2019 75
CAM: Expanding Micro, Small, and Medium-Sized
Enterprise Lending Project
Client: PRASAC Microfinance Institution Limited
ADB Assistance: $40m loan
Key Features:
• The project will support the growth of PRASAC’s financing portfolio for micro,
small, and medium-sized enterprises (MSMEs), providing needed financial
products and services to this underserved segment. PRASAC has prioritized
the development of its MSME financing business line, emphasizing MSMEs led
by women.
• PRASAC was established in 1995 as a development project funded by the
European Union to rehabilitate and support agricultural development in 6
provinces in Cambodia. The company evolved over the years and became a
microfinance institution, providing credit to rural communities and
microenterprises throughout the country. Present shareholders include Lanka
Orix Leasing Company (70%), a leading financial service conglomerate in Sri
Lanka, Bank of East Asia (21%), the largest independent local commercial bank
in Hong Kong and, PRASAC Staff Company (9%).
• Provide access to longer-tenor debt to support growth and reduce certain risks
and to diversify its funding sources.
• Promote gender equality and/or women’s empowerment in PRASAC’s business
activities through the gender action plan.
IND: Supporting Access to Finance for Women in Rural Areas
Project
Client: Annapurna Finance Private Limited
ADB Assistance: $30m equity; $20m debt security
Key Features:
• Annapurna has been part of ADB’s Microfinance Risk Participation and Guarantee
Program since 2014. It is one of the largest MFIs in India with the majority of its
portfolio in lagging states and rural areas. Annapurna’s largest shareholder is Oman
India Joint Investment Fund, a growth capital private equity fund focused on
investing in the mid-market segment in India. The Belgian Investment Company for
Developing Countries, a bilateral development bank, holds about 14%.
• The transaction will support Annapurna’s growth as it expands its lending presence
in eastern and central India and diversifies across underpenetrated regions of India.
This will be Annapurna’s first partnership with a multilateral institution.
• ADB’s investment will be used to finance (i) microfinance loans to women
customers under the self-help group and joint liability group models; (ii) other
small loans to individuals and micro and small enterprises; and (iii) affordable
housing loans.
• ADB will also provide capacity building technical assistance of up to $500,000 to
support Annapurna in key areas such as gender mainstreaming, including skills
development of its customers and risk management.
• Through ADB’s nominee on Annapurna’s Board, Annapurna will benefit from ADB’s
experience and knowledge in some of its core business areas, such as MSE finance,
rural finance, and affordable housing finance.
• Strengthen the capital of Annapurna and provide longer-tenor debt.
• Support Annapurna’s adherence to high corporate governance and adoption of
market leading risk management, social, and environmental standards.
Commitment Date: 27 December 2018 (for equity only)

7 October 2019 76
GEO: Low-Income Housing Finance
Client: Credo Bank JSC
ADB Assistance: GEL 60 million loan and $0.5 million technical assistance
Key Features:
• ADB signed a long-term loan agreement with Credo Bank to support the launch
of housing finance products targeting low-income clients for home renovation
and construction in rural Georgia and the periphery of the capital.
• Since 2014 Credo is owned by a consortium led by Access Microfinance
Housing AG. In 2016, ADB provided a $23m loan and technical assistance (TA)
to support Credo in its transformation from microfinance lender to a bank,
which materialized in March 2017. More than half of Credo’s 230,000 strong
clientele are women, predominantly representing rural and farm households
that generate income from farming and business, including agritourism.
• Provide needed long-term funding for housing in Georgia, enable affordable
loans to lower-income segments and improve the livelihood of rural dwellers.
• Support Credo’s initiatives to serve lower-income homeowners, and thereby
help reduce rural poverty and improve living conditions in rural Georgia.
• ADB will provide a TA to support Credo’s efforts to extend reach to rural clients
in 1700 additional villages, benefiting an estimated 30,000 women clients via
branchless banking services and targeted financial literacy initiatives.
PRC: Health Care Finance in Underdeveloped Provinces
Client: Far East Horizon Limited (FEH)
ADB Assistance: $150m direct loan; $200m B loan
Key Features:
• FEH is one of PRC’s leading leasing and financial service groups and is listed on
the Hong Kong Stock Exchange. Established in 1991, FEH has developed
significant experience in healthcare leasing, especially in the underdeveloped
central and western regions of PRC.
• The project will provide longer-tenor financing to FEH to offer lease finance,
through its wholly-owned subsidiary International Far Eastern Leasing, to
public hospitals in the 12 least-developed provinces of PRC.
• Provide critically needed long-term finance which will support FEH’s longer-tenor
lease products for health care and increase its capacity to expand its operations,
especially in county hospitals in underdeveloped regions.
• Enhance FEH’s environmental and social safeguards capacity and strengthen its
policies to support more gender inclusivity.
• Diversify FEH’s long-term funding base by mobilizing private sector cofinancing.
Commitment Date: 28 June 2019

Case Studies – Agribusiness
BAN: Second PRAN Agribusiness Project
Client: Sylvan Agriculture Limited (SAL)
ADB Assistance: $14.2m loan
Key Features:
• ADB’s loan will support SAL’s expansion into potato chips, potato flakes, and pasta
through the financing of new processing facilities located in Habiganj Industrial
Park. SAL will procure potatoes under contract farming arrangements and provide
secure income to 2,000 smallholder farmers. The project will promote inclusive
business given the high poverty reduction impact at both farming and factory
levels.
• The project will also achieve effective gender mainstreaming through the adoption
of a gender action plan.
• The project is a repeat assistance to SAL, whose existing starch and liquid glucose
manufacturing facilities (procuring cassava from contract farmers) were also
financed by ADB in 2012.
• SAL is owned by PRAN-RFL Group, one of the largest manufacturing groups in
Bangladesh and the market leader in food products. It has been developing farmer
engagement through contract farming since the 1990s. PRAN has contracted about
100,000 farmers across various crops, from whom it procures for its various
agribusinesses.
• Provide long-term US dollar funding, which is not readily available in Bangladesh.
• Promote higher environmental and social standards through compliance with ADB’s
policy requirements.
• Promote gender equality through a gender action plan which includes creation of job
opportunities for women and assistance to women contract farmers through
technology-based applications.
7 October 2019 77

Case Studies – Private Equity
7 October 2019 78
REG: Exacta Asia Investment II, L.P.
Client: Exacta Asia Investment II
ADB Commitment: $25m equity
Key Features:
• A private equity fund with a target capitalization of $250 million. Exacta II will
invest in domestic consumption-driven business and export-oriented
manufacturing companies in Southeast Asia
• Investing in Exacta II would allow ADB to participate in Southeast Asia’s
continued economic growth while providing development benefits.
• Exacta II will be managed by Exacta Capital Partners, a private equity fund
manager that invests in lower middle-market companies whose growth is
driven by domestic consumption and/or exports, and has built in-depth
knowledge and expertise in industries such as food and beverages,
healthcare, business services, and manufacturing.
• Help deepen capital markets in the Southeast Asian countries for lower middle-
market companies who often struggle to find growth capital.
• Support the development of the private sector in countries where equity-
related financing is limited.
• Raise standards on important governance matters, which are critical for
companies to demonstrate as they seek additional sources of growth capital.
• Help mobilize additional financing from third-party sources.
Commitment Date: 19 October 2018
REG: Creador IV, L.P.
Client: Creador IV, L.P.
ADB Assistance: $50m equity
Key Features:
• A private equity fund with a target capitalization of $500 million that seeks to
invest growth capital into middle market companies in India, Indonesia,
Malaysia, Philippines, Sri Lanka, and Viet Nam. Focus sectors include financial
services, consumer goods and services (including healthcare), business services
and manufacturing.
• Creador IV will be managed by Creador, one of the leading private equity fund
managers in the region, having developed in-depth market knowledge and
domain expertise within its targeted sectors.
• ADB is an existing investor in Creador III, L.P. having committed $40.9m to the
$419m fund in 2015. Consistent with Creador III, ADB will have a seat on the
advisory board of Creador IV.
• Further raise the visibility of the capital needs in Creador’s targeted sectors,
and help catalyze institutional and non-institutional participation in other
private equity funds investing in middle-market companies in South and
Southeast Asian markets.
• Further enhance Creador IV’s environmental and social management system.
• Potentially provide debt and equity financing directly to Creador’s portfolio
companies to help them grow and to mobilize additional financing from third-
party sources.

Case Studies – Private Equity
7 October 2019 79
MYA: Ascent Myanmar Growth Fund I L.P.
Client: Ascent Myanmar Growth Fund I L.P. (AMGF)
Key Features:
• A private equity fund with a target capitalization of $100 million. AMGF will
invest equity capital for growth purposes in middle-market companies,
including SMEs, operating in Myanmar. Focus sectors include consumer,
education, financial services, healthcare, and technology, media and
telecommunications.
• Ascent Capital Partners, a newly established Singapore-registered private
equity fund manager, is responsible for implementing the investment. It is
supported by anchor investors including two reputable and successful
entrepreneurs in Myanmar; and Temasek Capital Management.
• Catalyze private sector investment in Myanmar and encourage international
investment and governance best practices in the fund’s investee companies.
• Help Ascent Capital adopt an environmental and social management system
which will be applied to portfolio companies’ operation, and a gender inclusive
policy against which the proposed investments will be screened.
• Provide funding that will enable AMGF to provide long-term equity capital that
will benefit fast-growing companies to scale up, contributing to the growth of
Myanmar’s nascent economy and capital markets.
IND: Multiples Private Equity Fund III Limited
Client: Multiples Private Equity Fund III Limited
Key Features:
• A private equity fund with a target capitalization of $750 million, Multiples III
will invest in growth stage opportunities in middle-market companies in India.
It may also selectively consider control-oriented and early-stage investment
opportunities. Target sectors are consumer, finance, healthcare, and
technology.
• The fund will be managed by Multiples Alternate Asset Management Private
Limited, an Indian-focused, independent, and well-respected private equity
fund manager that has raised two funds totaling $880 million in committed
capital and invested nearly $700 million across 20 investments.
• Multiples III will help (i) provide growth capital to private sector companies
and catalyze their development while tapping into India’s growing middle
class; (ii) support the Indian government’s efforts to increase the transparency
and efficiency of the economy by improving corporate governance of portfolio
companies; and (iii) contribute to private sector job creation and increased tax
revenues for the Government of India.
• As an anchor investor, help attract additional institutional capital to enable the
fund to reach its target size.
• Help develop and adopt an environmental and social management system
(ESMS) that will oblige its portfolio companies to comply with ADB’s SPS.
• Promote gender equity in certain investee companies of the fund.

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